Apple: Just a Reminder

| About: Apple Inc. (AAPL)

Your roulette wheel bets are due in a few hours.

Let's not forget that the company has taken to suing firms that are not only competitors but also suppliers, instead of innovating. How's that usually work out?

Let us not forget that it is trading at a P/E of 18.7, 4x sales and more than 5x book value.

Oh, and nobody dares short it either.

Finally, the company may have "accidentally" announced shipment volumes on their iPad and iPhone products in their lawsuit filing. If they did it appears they missed on the iPad and beat on the iPhone. This coincides roughly with AT&T's report this morning, which implies that Verizon failed to cannibalize - but it says bad things about the growth of the iPad, which would not be good at all.

The stock is only about $342 a ticket, up roughly $10 in the last two days.

Good buy, bad buy, who knows.

And then of course there are the litany of tiny little companies that have detonated on their reports or various pieces of news. Nobody's covering it.

Well, almost nobody; I've covered a few of them.

Looking at the companies that have reported this far and the repeated earnings misses this earnings season to date with a few noted exceptions (including INTC last night, although IBM, which formally "beat" isn't getting any love this morning), I am reminded of Clint Eastwood's famous line:

Now, I know what you're thinking. 'Did he fire six shots or only five?' To tell you the truth, I forgot myself in all this excitement. But being as this is a .44 Magnum, the most powerful handgun in the world, and would blow your head clean off, you have to ask yourself a question: Do I feel lucky?...Well? Do ya, punk?

Bonne chance folks.....

Disclosure: No position but am watching the bemusement. I know what I expect down the road a-piece and being late on this one is likely to be ruinously bad - although the day for that is probably not today. Probably.